Apart­ment sales in­crease, re­port says

Calgary Herald - Calgary Herald New Condos - - New Condos - CLAIRE YOUNG

Cal­gary’s re­sale apart­ment-style con­do­minium mar­ket saw strong sales in the first quar­ter of the year, the Cal­gary Real Es­tate Board re­ports.

Condo apart­ment sales to­talled 1,062 from Jan. 1 to March 31, an in­crease of 28.11 per cent from 829 sales dur­ing the same pe­riod last year.

Sales growth was sup­ported with more list­ings in this sec­tor. New list­ings af­ter the first quar­ter to­talled 1,722, an 18 per cent in­crease over the pre­vi­ous year. De­mand for these apart­ments kept sales brisk, as well as in­ven­tory rel­a­tively tight, leav­ing in­ven­tory lev­els sim­i­lar to the pre­vi­ous year.

There are many new list­ings in a rel­a­tively af­ford­able band.

“Nearly 50 per cent of new list­ings in the apart­ment sec­tor are priced in the range of $200,000 to $299,999, pro­vid­ing op­tions for those look­ing for af­ford­able prod­uct,” says Bill Kirk, CREB pres­i­dent. “How­ever, there are far fewer op­tions for those look­ing to spend less than $200,000. Af­ter the first quar­ter, apart­ment prod­uct priced be­low $200,000 has dropped from over 16 per cent of the mar­ket last year to 6.4 per cent.”

The aver­age sales price of condo apart­ments in the first quar­ter was $317,855, up nine per cent from $291,533.

Mean­while, town­homes saw a 7.4 per cent in­crease in sales price in the first quar­ter at $366,711, up from $341,457 a year ago. Sin­gle fam­ily homes in­creased by 6.33 per cent in that time, to $545,642 from $513,139.

While prices in the condo sec­tor have been ris­ing, they have still not yet reached peak record lev­els.

“Some eas­ing of the sup­ply pres­sure in the con­do­minium mar­ket is ex- pected as new con­struc­tion projects are com­pleted,” says Ann-Marie Lurie, CREB’s chief econ­o­mist.

Town­homes, mean­while, were also sell­ing well in the first quar­ter, with to­tal sales of 812, up 25 per cent from 649 a year ago.

In March, the three Cal­gary com­mu­ni­ties with the most sales of con­do­mini­ums of all kinds were Con- naught, in the city’s south­west, with 54 sales av­er­ag­ing $339,242; Vic­to­ria Park in the cen­tral south with 25 sales av­er­ag­ing $457,380; and McKen­zie Towne in the south­east with 22 sales av­er­ag­ing $280,902.

Stu­art Gradon / Cal­gary Herald

The aver­age sales price of condo apart­ments in the first quar­ter was $317,855, up nine per cent from $291,533.

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